Three months ago, William H. Allen Jr., the chairman of Intercontinental Bank in Miami, said he'd be "extraordinarily shocked" if the bank were sold within the next five years.

But most observers were not that surprised at the news Monday that Intercontinental, one of the most attractive banks in Florida and the second-largest publicly owned bank in the state, had agreed to sell to NationsBank Corp.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.